Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Profiting from energy transition

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Edison Investment Research

Toby Thorrington

Mytilineos - Profiting from energy transition

Mytilineos is well placed to benefit from several energy transition-related themes. Mytilineos’s proactive management team has shown foresight in its investment decisions on decarbonisation over the last few years. It has built a renewable portfolio of c 8.6GW, including 2.4GW in Greece and 6.2GW of international projects that are mostly being developed for sale; it is decarbonising its integrated aluminium production facility, such that it should benefit from ‘low carbon’ aluminium branding from 2025; and it is increasing its activities in sustainable infrastructure projects. We estimate the share of earnings (EBITDA) derived from energy transition activities will increase from 26% in 2021 to 57% in 2025 (and 60% from 2026), which will help drive a four-year group EPS CAGR of 18%, with Mytilineos continuing to achieve superior returns (c 14% ROCE). It is well funded to support its investment in the energy transition, with financial flexibility of c €1.5bn augmented by strong operating cash flow in all business areas.

16/09/2022 1 EN

Underlying

MYTILINEOS S.A.

Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.

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GRS393503008 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Mytilineos - Profiting from energy transition

The Rear-View Mirror – EME markets: all indices in the green in July

WOOD Daily: EME Macro/Strategy Weekly; EU macro; PKO PW; MYTIL GA; WPL PW

The Rear-View Mirror – EME markets: rebound in Türkiye

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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